Jo'burgJohannesburg-based blockchain project Terra, recently celebrated the first anniversary of Credit (CREDIT) block production. CREDIT is a decentralised proof of stake cryptocurrency which Terra claims is simple to mine and which rewards its holders with passive income. Besides the anniversary celebrations, Terra has announced new products which focus on the development of digital payments processing in developing countries.

Dan Ronchese, Founder, The Terra Foundation and creator of the Credit (CREDIT) cryptocurrency
Dan Ronchese, Founder, The Terra Foundation and creator of the Credit (CREDIT) cryptocurrency

Dan Ronchese, Founder of The Terra Foundation and creator of the Credit (CREDIT) cryptocurrency, stated: “The only way a cryptocurrency can become a global payment system is if everyone who makes payments has access to it“.

The Terra blockchain and CREDIT

The unbanked segment consists of at least 2 billion adults, who:

  • predominantly use smartphones
  • lack the necessary means to use a bank account.

In consequence, a potential US$1 trillion (according to Terra) ‘operates’ beyond the traditional global financial system.

CREDIT is a progressive blockchain which can support CREDIT mining on almost any digital device. In so doing this offers a real-world solution to those struggling to store and increase wealth existing outside of traditional banking systems. Solo miners can stake rewards with a potential gain of 100% annual profit, and receive mining rewards.

In addition, CREDIT is a payment processing platform which:

  • facilitates online and physical payments across every conceivable device.
  • is designed to be simple way and relevant to anyone with a basic computer or smartphone.

At its core, CREDIT is a hybrid PoW/PoS blockchain. Now in its second year of block production (via PoS only), several thousand (unspecified) CREDIT miners are earning an income from supporting the CREDIT blockchain. They earn new CREDITS for this mining. Significantly, CREDIT miners do not compete with each other as they support the blockchain CREDIT.

Since its launch, Terra has ensured that CREDIT users have a wide range of wallets available. This comes across a range of platforms, with support for Windows, Mac, Linux, Android and even Raspbian (Raspberry Pi).

Expanding Terra’s focus

Although the main focus of Terra is CREDIT as a decentralised cryptocurrency, it has developed eight interweaving products, each of which seeks to support potentially groundbreaking services/products to particular emerging markets. These developments include:

  • Credit – a blockchain Explorer on the decentralised public ledger which adds transparency to the CREDIT Blockchain.
  • Terra Hub – a social network which monetises actions by offering users CREDIT as a reward (Terra says the CREDIT project has gained over 250,000 users because of this social media ability)
  • Terra Dax – a native trading app that connects all of a user’s exchanges and trade via one API in one dashboard
  • Mini-POS
  • the Tellus Ecosystem
  • Terra Mart
  • Terra wallet
  • TerraceX.

MiniPOS is a web-based CREDIT staking wallet which:

  • improves the ability to earn through block production
  • replaces the need for a CPU based device
  • allows smartphone users access to 100% profit per annum
  • enables CREDIT holders to make hourly passive income through a user-friendly interface.

Tellus-pay and Tellus-merchant comprise an ecosystem for unbanked users to have access to a digital wallet and payment platform. Merchants can integrate Tellus into physical or digital stores and accept instant payments for zero fees or commission. It features:

  • fiat currency support (Naira and Rand currently)
  • cryptocurrency support
  • MiniPOS access to take CREDIT.

Terra-mart is a zero fee shopping marketplace operated by Terra and Tellus-Pay. Vendors can offer goods and services for sale online. They receive their own unique digital store, enhanced with a specific URL. Use of CREDIT is the default and the only currency whereby buyers and sellers pay zero fees to do business online.

Terra Wallet is a web and app-based wallet for CREDIT. While under development, all its major functions are live. The design aims to provide Android-based access so that users can transact with and store CREDIT with a smartphone.

Terra-cex is a South African cryptocurrency exchange platform. In effect it:

  • is a traditional cryptocurrency exchange with spot and Stop/Loss trading
  • features all major coins and pairs
  • pays 100% of fee’s to users through referral
  • offers CREDIT holders a wider range of exchange options.

Enterprise Times: what does this mean

Terra emphasises that virtual currencies (like CREDIT) are not legal tender, are not backed by government (as are fiat currencies) and do not possess consumer protection for accounts and the value of balances held. As if these caveats were not enough, cryptocurrency and token values are volatile (q.v. Bitcoin over the last two years) which means there is no guarantee of a stable value or value at all.

In Terra’s view, the only way a cryptocurrency can become a global payment system is if everyone who makes payments has access to it. This explains why it is focusing on expanding beyond its mining platform heritage – though this, in itself, is interesting for its use of smartphones and inexpensive computing like Raspberry Pi. The Terra ecosystem is what may draw-in new users, who then may gain added passive income via use of their smart device.

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Charles Brett
Charles Brett is a business/technology analyst consultant. His specialist areas include enterprise software, blockchain and enterprise mobility tech (including metering). Specific industry sectors of interest and experience include finance (especially systems supporting wholesale finance), telecommunications and energy. Charles has spoken at multiple industry conferences, has written for numerous publications (including the London Times and the Financial Times). He was the General Chair of the bi-annual High Performance Systems Workshop, 2005. In addition he is an author and novelist. His Technology books include: Making the Most of Mobility Vol I (eBook, 2012); Explaining iTunes, iPhones and iPads for Windows Users (eBook, 2011); 5 Axes of Business Application Integration (2004). His published novels, in the Corruption Series, include: The HolyPhone Confessional Crisis, Corruption’s Price: A Spanish Deceit and Virginity Despoiled. The fourth in The Corruption Series - Resurrection - has is now available. Charles has a B.A. and M.A in Modern History from the University of Oxford. He has lived or worked in Italy, Abu Dhabi, South Africa, California and New York, Spain, Israel, Estonia and Cyprus.


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